Webzine June 2020 - Regulatory Chronicle of Eric de Gay de Nexon

To cope with the pandemic facing us today, public authorities promptly took all kinds of measures to support the economy and to adapt the rules to the particular conditions brought about by the lockdown situation in order to best support the economy within a framework guaranteeing business continuity and safety.

Webzine June 2020 - SG FORGE - Digital Capital Markets

The Deputy CEO of FORGE, David Durouchoux, explains the FORGE project related to Digital Assets activities using the blockchain technology and its experimentation with the Banque de France to demonstrate the feasibility and credibility of a Euro deposited on a blockchain within the Eurosystem.
Main Market Initiatives

Community and International news

AllInternational and European news
COVID-19: ESMA recommendations to financial stakeholders
On 11 March 2020, in the midst of the coronavirus crisis, ESMA released its recommendations to financial players with...
International and European news
On 11 March 2020, in the midst of the coronavirus crisis, ESMA released its recommendations to financial players with respect to business continuity plans, market information, financial reporting and asset management.
COVID-19: ESMA recommendations to financial stakeholders
Climate Law: Proposal by the European Commission
On 4 March 2020, the European Commission tabled a climate bill aimed at confirming the European Union's objective to...
International and European news
On 4 March 2020, the European Commission tabled a climate bill aimed at confirming the European Union's objective to attain carbon neutrality by 2050.
Climate Law: Proposal by the European Commission
EMIR: Two Delegated Regulations amending RTS
On 27 March 2020, Commission Delegated Regulation (EU) 2020/448 was published in the OJ.
International and European news
On 27 March 2020, Commission Delegated Regulation (EU) 2020/448 was published in the OJ.
EMIR: Two Delegated Regulations amending RTS
SOLVENCY II: Publication of Delegated Regulation (EU) 2020/442
On 26 March 2020, the Commission's Delegated Regulation (EU) 2020/442 was gazetted in the Official Journal of the...
International and European news
On 26 March 2020, the Commission's Delegated Regulation (EU) 2020/442 was gazetted in the Official Journal of the European Union.
SOLVENCY II: Publication of Delegated Regulation (EU) 2020/442
IOSCO: Report on global stablecoin initiatives
On 23 March 2020, the International Organization of Securities Commissions (IOSCO) published a report identifying the...
International and European news
On 23 March 2020, the International Organization of Securities Commissions (IOSCO) published a report identifying the possible implications of global stablecoin initiatives for securities markets regulators.
IOSCO: Report on global stablecoin initiatives
ESMA Final report on performance fees in investment funds
On 3 April 2020, the European Securities and Markets Authority (ESMA has published its final guidance on performance...
International and European news
On 3 April 2020, the European Securities and Markets Authority (ESMA has published its final guidance on performance fees in investment funds – applicable to UCITS and certain types of AIFs.
ESMA Final report on performance fees in investment funds
CSDR: Postponing of the settlement discipline
On 4 February 2020, ESMA published its final report on draft regulatory technical standards (RTS) on postponing the date...
International and European news
On 4 February 2020, ESMA published its final report on draft regulatory technical standards (RTS) on postponing the date of entry into force of Commission Delegated Regulation EU 2018/1229 (the RTS on settlement discipline) to 1 February 2021.
CSDR: Postponing of the settlement discipline
BREXIT: Formalisation of the Agreement
On 31 January 2020, the European authorities released a host of documents on the BREXIT Agreement, including:
International and European news
On 31 January 2020, the European authorities released a host of documents on the BREXIT Agreement, including:
BREXIT: Formalisation of the Agreement
European System of Financial Supervision: Review package
On 27 December 2019, the following two Regulations and Directive, which will review the European System of Financial...
International and European news
On 27 December 2019, the following two Regulations and Directive, which will review the European System of Financial Supervision (ESFS), have been published in the Official Journal of the European Union:
European System of Financial Supervision: Review package

National news

AllNational news
FR - Modernisation of life insurance products and retirement savings products
Once Article 72 of the PACTE Law took effect on 1 January 2020, insurance companies can sell new Eurocroissance products...
National news
Once Article 72 of the PACTE Law took effect on 1 January 2020, insurance companies can sell new Eurocroissance products in their life insurance and retirement savings policies.
FR - Modernisation of life insurance products and retirement savings products
FR - Amendment of legal framework for funds placed in run-off management
Decree No. 2020-286 implementing the PACTE Law amends provisions on segregated funds for the run-off management of...
National news
Decree No. 2020-286 implementing the PACTE Law amends provisions on segregated funds for the run-off management of assets in a collective investment that are no longer recoverable.
FR - Amendment of legal framework for funds placed in run-off management
LU - CSSF circulars on reporting and stress tests for MMF
On 28 January 2020, the CSSF published the following three Circulars for the attention of all money market funds...
National news
On 28 January 2020, the CSSF published the following three Circulars for the attention of all money market funds (“MMF(s)”) under the supervision of the CSSF and Luxembourg managers of MMFs as well as of those that take part in the functioning and control of these undertakings:
LU - CSSF circulars on reporting and stress tests for MMF
IE - Central Bank of Ireland – Split of the Designated Person (PCF-39) Role
On 25 February 2020 the Central Bank of Ireland issued a Notice of Intention proposing for the persons responsible for...
National news
On 25 February 2020 the Central Bank of Ireland issued a Notice of Intention proposing for the persons responsible for the six key management functions of a UCITS management company or AIFM ("Designated Persons") to be separately classified Pre-Approved Controlled Functions ("PCFs") under its fitness and probity regime.
IE - Central Bank of Ireland – Split of the Designated Person (PCF-39) Role
DE - German regulator publishes guidance notice on sustainability
On 20 December 2019, the German Federal Financial Supervisory Authority (BaFin) has issued a guidance notice on dealing...
National news
On 20 December 2019, the German Federal Financial Supervisory Authority (BaFin) has issued a guidance notice on dealing with sustainability risks (ESG Guidance Notice).
DE - German regulator publishes guidance notice on sustainability
IT - new rules about transparency and declaration of intentions in Italy
On 9 April 2020, Consob has adopted two measures which, in the context of the new powers given to the Authority by the...
National news
On 9 April 2020, Consob has adopted two measures which, in the context of the new powers given to the Authority by the "Business Decree", provide for a regime of enhanced transparency as regards both the obligation to disclose significant shareholdings in specific Italian companies listed on the Stock Exchange and the "declaration of intentions" in the event...
IT - new rules about transparency and declaration of intentions in Italy
ES - Approval of a New Spanish Financial Transaction Tax (FTT)
On 28 February 2020, the Bill on the Spanish Financial Transaction Tax (the “Bill”) has been published in the official...
National news
On 28 February 2020, the Bill on the Spanish Financial Transaction Tax (the “Bill”) has been published in the official Gazette of the Spanish Parliament.
ES - Approval of a New Spanish Financial Transaction Tax (FTT)
UK - LIBOR transition: The roadmap for 2020
On 16 January 2020, the Bank of England (BoE), Financial Conduct Authority (FCA) and the Working Group on Sterling...
National news
On 16 January 2020, the Bank of England (BoE), Financial Conduct Authority (FCA) and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) have published a set of documents, outlining priorities and milestones for 2020 on LIBOR transition.
UK - LIBOR transition: The roadmap for 2020
US - SEC actions to Stand Up Security-Based Swap Regulatory
On 18 December 2019, the Securities and Exchange Commission has adopted a package of rule amendments, guidance, and a...
National news
On 18 December 2019, the Securities and Exchange Commission has adopted a package of rule amendments, guidance, and a related order to expand and improve the framework for regulating cross-border security-based swaps, including single-name credit default swaps.
US - SEC actions to Stand Up Security-Based Swap Regulatory